A while ago, the Ethereum Classic network came under a 51% power consolidation attack. The attack on the network led exchanges into shutting down all ETC transactions to protect their funds. There was a lot of speculation regarding who was responsible for the attack. All the accused parties came forward to clear their name. However, there wasn’t enough evidence to pin the attack on anyone until now.
SlowMist Claims It Can Find The Attacker
A security firm based in China, SlowMist, has announced that it has enough evidence to find the person or group of people behind the attack on the Ethereum Classic network. The announcement was made in an article that was published on Wednesday and it was a summary of the company’s analysis. It noted that about four transaction hashes and three wallet addresses were launched during the attack on the network.
Ethereum Classic (ETC) Price Today – ETC / USD
Name Price 24H (%)
bitcoin
Bitcoin (BTC)
$3,627.03
-3.99%
ethereum-classic
Ethereum Classic (ETC)
$4.40
-2.85%
In line with what Coinbase had announced earlier, the security firm stated that there were double spend errors during the attack. Up to 54.200 ETCs rolled back from the blockchain and was spent a second time. This amounts to $270,000 at current rates. The company also stated that the attack started around 19:58 UTC on Saturday. At the time of writing, the attacks had stopped. The last documented attack was recorded at around 4:30 UTC on Tuesday.
The company said that it hasn’t been a able to trace the location of the addresses it identified. However, if cryptocurrency exchanges agree to assist, the firm is certain it will trace the attacker. The assistance SlowMist needs isn’t from every cryptocurrency exchange. It is specifically from Binance, BiTrue and Gate.io. The team said that they could not disclose any information elaborating how they intend to identify the attackers apart from tracking their location.
After the attack, BiTrue announced that it suffered a double spend attack amounting to up to 13,000 ETC. Gate.io also claimed it lost 40,000 ETC during the attack. However, none of the three exchanges that have been called upon have issued any statement regarding their willingness to assist in finding the attacker.
SlowMist is working closely with the Ethereum Classic team to find the origin of the attack. Both parties will meet today to discuss the way forward. Ahead of the meeting, the Ethereum Classic development team posted on Twitter that they would on no account reorganize the chain or change any event on the chain. They assured the community that they are doing everything within their power to find those responsible for the attack.
Ethereum Classic (ETC) Price
At the time of writing, Ethereum Classic (ETC) was trading at $4.44. This shows that it is down by 3.67% against the USD but up by 0.18% against BTC. The trading volume over a 24 hour period is $134,139,682 and the market capitalization is $477,099,222. Keep in mind that ETC isn’t the only cryptocurrency that is falling. Other cryptocurrencies are falling against the USD as well. In fact the top 20 list is currently red on CoinMarketCapital.
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